Bar Harbor Wealth Management Lowers Holdings in Illinois Tool Works Inc. $ITW

Bar Harbor Wealth Management decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,766 shares of the industrial products company’s stock after selling 85 shares during the quarter. Bar Harbor Wealth Management’s holdings in Illinois Tool Works were worth $1,178,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ITW. von Borstel & Associates Inc. acquired a new position in Illinois Tool Works in the 1st quarter worth about $26,000. SOA Wealth Advisors LLC. raised its holdings in Illinois Tool Works by 90.9% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 50 shares during the period. Saudi Central Bank acquired a new position in Illinois Tool Works in the 1st quarter worth about $29,000. 1248 Management LLC acquired a new position in Illinois Tool Works in the 1st quarter worth about $30,000. Finally, Banque Transatlantique SA acquired a new position in Illinois Tool Works in the 1st quarter worth about $30,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW stock opened at $248.19 on Friday. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The business has a 50 day simple moving average of $261.18 and a 200-day simple moving average of $251.04. The firm has a market capitalization of $72.35 billion, a PE ratio of 21.75, a price-to-earnings-growth ratio of 5.59 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.02. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%.The business’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.54 earnings per share. Illinois Tool Works has set its FY 2025 guidance at 10.350-10.550 EPS. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a $1.61 dividend. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.50. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 56.44%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ITW shares. Wells Fargo & Company upped their price target on Illinois Tool Works from $235.00 to $250.00 and gave the stock an “underweight” rating in a report on Thursday, July 31st. UBS Group increased their target price on Illinois Tool Works from $243.00 to $255.00 and gave the company a “neutral” rating in a report on Thursday, July 31st. Truist Financial increased their target price on Illinois Tool Works from $283.00 to $298.00 and gave the company a “hold” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft increased their target price on Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a report on Thursday, October 2nd. Finally, Barclays increased their target price on Illinois Tool Works from $240.00 to $243.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $262.83.

Insider Activity

In other news, CAO Randall J. Scheuneman sold 6,802 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $265.08, for a total value of $1,803,074.16. Following the completion of the sale, the chief accounting officer directly owned 10,314 shares in the company, valued at $2,734,035.12. This represents a 39.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.